In an IVA thinking of going Bankrupt

blimkin

I have been in an iva for two years now and finding it really hard. I have absolutely no money each month, due to under budgeting on my expenses form. I am considering going bankrupt, can some one please tell me how much worse doing this is compared to staying with the iva? also do i have to pay anything out each month while declared bankrupt? Thanks in advance.

Blimkin
Debt free wanabee

skintscotsman

surely your insolvency practiitioner should be able to assist you with this,

if they don't, they are not doing their job properly.

maybe be best to speak to Citizen's Advice if you're not getting anywhere with your IP.

james32_uk

It can vary but likelihood is a bankruptcy would take another 12 months ish of similar payments as your IVA. For the sake of 24 months hardship I would do what I could to get through the rest of the IVA.

You can try contacting your IP saying you are in difficulties and seeing if they can postpone a payment or two or look at your required payments.

whatatwit

Blimkin, try posting an SOA on here, possibly in a new thread.
Folk on here may be able to trim it for you a bit.

See Southern Scouser's thread at the top of the board for detailed info on preparing your SOA.

hypno06

How about having a read of Southernscouser's fab sticky at the top of these threads for newbies, and put together your statement of affairs.

If you post this on here, then perhaps the great DFW community can have a look and see if there are any ways you can take some of the pressure of your finances, regardless of whether you stick with the IVA or do something else?